2511: Tharisa: Q4 PGM production up, more growth on the way

Tharisa's Karo Platinum project is now fully funded via a $300m bond and offtake deal, targeting first production Q4 2027.

• Q4 production beats: 6E PGM output rose 3.5% QoQ to 41,000oz; chrome concentrate up to 416.7kt, giving FY totals of 153.7koz PGM and 1.56Mt chrome, mid-point of guidance.
• Pricing softened: PGM basket price fell 5.4% YoY to $2,535/oz; metallurgical chrome down ~7% to $285/t, softening further to $265 post year-end on seasonal ferrochrome restocking.

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